Hedge Fund Fraudster’s Mom Gets Two Years In The Clink

Mar 20 2007 | 11:05am ET

Ayferafet Yalincak, the mother (and co-conspirator) of the New York University student who claimed to run a multi-million dollar hedge fund, has been sentenced to two years in prison for her role in her son’s hedge fund scam.

Yalincak, who pleaded guilty last year to conspiracy to commit wire fraud, argued that she too was a victim of the scheme, in which her son, the now-22-year-old Hakan, charmed wealthy investors into placing money with him, which he never invested. He even went so far as to donate $1.25 million to NYU, and pledged another $20 million to the university.

“I have the uneasy feeling today of not really knowing what should be believed and what should not be believed about this defendant," said U.S. District Judge Janet Bond Arterton, referring to the 52-year-old Yalincak.

Meanwhile, Hakan, who posed as an heir to a wealthy Turkish family, faces up to five years in prison and is set to be sentenced next month.

Following their release from prison, both Yalincaks face another ordeal: possible deportation to Turkey.

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